 What should I do? I bought a 2 bed 2 bath condo in 2005, in San Jose, Ca. At the time....? |
| I was really young and didn't have any experience in buying homes, so I got screwed in one of those "arms" of which I didn't exactly understand when I signed my life away. My ... |
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 Would you buy your dream house if....? |
| ... you would have a little over an hour commute one way to work? (that's one hour of straight highway driving, not bumper to bumper traffic) Let's keep in mind said house is on 8 acres ... |
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 How long does it take to be homed once on the council house list? |
| I have just sent off the forms with all proff of ID. Does anyone know how long ( on average ) the wait could take?... |
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 Our realtor is showing our home today and I left 2 dishes in the sink and a bar of soap in the bathroom sink.? |
| Do you think this will make or break a person's decison on buying the home? It was a last minute showing and I'm at work and can't go home to pick it up!... |
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 What actions can I take against a apartment complex for unsafe living conditions? |
| I'm a college student and I live in a basement of an apartment complex with 4 other guys. There is only 1 bathroom, and no air conditioning (there are only fans.) The problem is: The apartment ... |
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 How risky would it be to purchase a home in "as-is" condition? |
| This is a banked owned property, built in 1975. I'm a little concerned because the bank sent off several pages of seller's release of liability forms. The bank is basically saying that ... |
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 Someone broke into our house? |
| About a month ago someone broke into our house took all of our money didnt touch anything but our money. Come to find out it was someone we knew. A week later he broke in again and took the money ... |
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 Can you be reimbursed from the landlord if you erect a garage on their property? |
| The person was paying half of the morgage,but his name was not on the morgage. He build a garage on the block plus other bits & pieces, but when he died she said he was renting from her. There ... |
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 How can you buy a house without using a Realtor? |
| I've dealt with about 4 Realtors already in about 2 years trying to find my first home (in California) which has been so far a bad experience and unsuccessful. In my experiences thus far I'... |
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 I live in the country and a person who owns property next to mine, is planning on building a house, but..? |
| People who know both of us, have told me that where he is planning on building, is like 75 feet over into my property. I own several acres, and I don't think he knows where the boundry is. SO... ... |
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 What to ask the estate agent? |
i am viewing a house today for the first time. What are the crucial questions to ask?
Is there anything important I should take into account when on a house viewing and dealing with an estate ... |
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| I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage? |
| Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In ... |
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 Christmas caroling door-to-door? |
| Would it be Ok for door-to-door christmas caroling in apartment buildings? Should we get approval from landlord/building managers?... |
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 Can a manager of a trailer park evict me ? |
| he says he wont renew my lease & when asked why he siad i just told you why. he did not give any reason. he says he has power of attorney to do so, but wont show any proof that he actually does.... |
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123456 | How hard is it to get a house with little or no money down? |
My credit isn't the best, and i am would like to be in a house by feb-march.
Additional Details
I am working on paying my debt off and should be done in the next month or two, that is why i am having a hard time saving for a huge deposit. i do not want to continue to rent because i am planning on having a baby within the next year, and do not want to have to move to a 2 bedroom apt and then move again in a year. I can afford the monthly payments, thats not a problem, but coming up with 20% is the problem. I can probably put about 3-5% down. |
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halestrm
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It depends on the house you are looking to purchase. If you are getting a spankin deal, and you already have enough equity in the house, you maybe able to do it. I would recommend you put together your wants/needs list for a house and find the areas of town you are interested in.
Then, depending on the number of inquirys you have on your credit, get a preapproval now. This will tell you what to work on with your credit, and the dollar figures you are looking at. This preapproval will probably expire prior to your purchase, but the number will be of great value while you are searching.
Good luck. |
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*****
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How do you expect to keep the house once you are in? |
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Hot Pants
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If youre credit already has issues, that means you've have trouble managing money.
Putting yourself in a "no-money" down situtation will make it much worse. The rate will be higher and the mortgage payment will, more than likely, be more than you can afford.
Why not rent for awhile? Take the time to build a good rental history, pay off items on your credit report to raise the score and a year from now, you will in a much better position to buy a house.
IF YOU CAN'T AFFORD A DOWN PAYMENT, YOU CAN'T AFFORD THE HOUSE |
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iceman
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Unless you have good credit it can be very tough these days. And the ones that do approve you wil charge you such high rates that you would have been better off renting until your score improves, or until you can get at least 10% down.
Dont do it, take my advice. You are going to be paying so much interest that you will not make ANY money on the house. At least not for a long time. |
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Nate and Kris
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It depends on the area. Some areas, seller's are desperate to help you unload homes so they really help you to buy theirs.
There are also many lending programs that work with people with so so credit.
Talk to a realtor about what is common in your area.
Also look for rent to buy options. |
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stephen l
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It depends on your credit and your lender. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you . |
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rich2481
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first time buyers qualify for a special loan through the government |
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Henry R
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It all depends. There are programs to fit most peoples needs. There are to many questions to answer this just with the information that you have given. You have to understand that you will have to pay closing cost on your purchase, but you can get a seller contribution to pay that. As well you can possibly see about getting a gift to put towards closing cost if you are a first time home buyer. So like I said there are many things even possibly FHA deppending on how much you make. 100% financing still exists but that all depends on your credit. If you would like you can contact me I work with Hayhurst Mortgage and we are a direct lender. 3056720092 ask for either Henry or Oscar. |
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godged
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Please don't go to people in here spamming for business.
There is alot of good advice in here. The short answer is fix your credit, save save save for a downpayment. These are huge steps, so make sure your financial house is in order before you undertake such giant financial commitments such as a house and a baby. |
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sclass_benz
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If you qualify, the least expensive way is an FHA loan with a seller funded down-payment-assistance gift. FHA requires that the buyer have 3% of the purchase price invested in the transaction, this can come from the gift program. FHA also allows the seller to pay up to 6% of the purchase price as concessions against the closing costs and prepaids. You still have to qualify for the loan, so you'll need around a 620 credit score and a debt ratio around the 41% mark. |
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eiresol
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It really depends on a deeper look at your situation. Do you know your current credit score now? Do you have any judgements? On the asset side, besides what you have saved for a down payment, do you have any stocks or 401k's? Some lenders will look at your total financial being.
If you are serious about buying a home, the first thing I would suggest is working with an advisor or service that can help you repair and improve your credit report. Sometimes, just paying off the debts will not improve your score. Having the best possible score you can achieve will really save you $ on interest in the long run.
It really depends on what area in the country you are in too. I live in IA. A 80,000 house is affordable even with a very low deposit. 2 yrs ago, I lived in CA. A 300,000 house would have been out of the question with a 3-5% down payment. You really don't want to pay more for your monthly payment (including insurance and taxes) then what you pay for rent.
After that, research your state. Many states have first time home owner programs. Use these. It's free money. Talk with 2-3 banks in your area (even your current bank). It's been my experience they will be a lot more honest and helpful than alot of these "predator" type mortgage companies.
It's a lot of work. Research. Research. Research. The more you know the easier it is. We spent 6 months researching the market area here, and looking into gift programs and state programs. We just bought our first home. Our state homeowner's program is paying for the 5% deposit, with an FHA loan (we have really good credit so our interest is low - that was a saver) and the seller is paying our closing costs (the realtor helps arrange that).
This way, we got to keep our cash free for inspections, moving, and since we didn't go for "maximum" amount of house we qualified for, but went for one we could easily budget - we do have a couple updates to do to make it our dream home - so we got to save our cash for that too.
(Oh - congrats on the future baby - just remember - a baby can share it's parent's room to for the first few months - gives you more time to prepare, fix, save and buy!!! I did that too!) |
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Mustbe
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Look...run ad...
See if you can get someone to owner Finance. |
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mbrcatz
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It's going to be hard, to flat out purchase it that way. How about looking around for a lease-to-own? That way you lease it, the landlord charges a bit extra on the rent, which goes towards your downpayment. |
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bgee2001ca
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It is difficult, but not impossible.
Look for a rent to own offer through real estate news, or in your local newspaper classifieds. |
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ready
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Try first time home buyer programs |
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ForensicAccountant
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Seek an FHA loan - This loan does not count credit only your ability to pay. Also, since the rules have currently changed, you no longer have to be a first time home buyer. You may include closing costs and put down as little as 3% of purchase price. |
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